« Is Means Test Required For Primarily Business Debt Bankruptcies? | Main | Interesting Fact Situation For Recent Florida Residents »
Importance of Completing Financial Management Course
The Court's enforcement of the education requirements of the new bankruptcy law are starting to have an adverse effect on many unwary and procrastinating debtors. Most debtors are diligent in completing the pre-filing education course. Many of these same debtors, however, are forgetting that they need a financial management course certificate after they file bankruptcy in order to have their debts discharged. Debtors who do not take the financial management course, or who take the course and don’t return their certificates for filing, face their case being closed without a discharge. In such event, the debtor must reopen the case and pay a filing fee for the purpose of filing the certificate of completion of the financial management course in order to clear his unsecured debts.
Typically, debtors forget to take the financial management course because they don’t read, or they don’t take seriously, instructions they receive from their own attorney. For example, my office reminds our clients in writing two or three times during the bankruptcy process of the importance of completing a financial management course. Nevertheless, too many people are neglecting to take the financial management education course, or they don't return the certificates for filing. As a result, they are facing additional costs and fees in their bankruptcy.
A successful bankruptcy is a partnership between the client/debtor and the attorneys office. The attorneys role is to provide legal services and advice to help the client, but ultimately, the client is responsible for his own bankruptcy. In my opinion, those debtors who accept their responsibilities in the bankruptcy process have the best chance of taking responsibility for their financial success after bankruptcy.
posted by Jonathan Alper, bankruptcy and asset protection lawyer, Orlando, Florida
January 31, 2007 in Chapter 7 | Permalink
Comments
I am anxious to complete this personal finance education course and have the Certificate mailed to my attorney per his instructions.
These courses are offered to us in order to assist us in making things go more smoothly and they do save us from undergoing a lot of stress.
I thank this organization for their help, suggestions and encouragement.
Posted by: CLEMENTINA D. WITHINGTON | Oct 11, 2007 8:03:00 PM
I am a Certified Credit Counselor in which I give the counseling for Pre & Post Bankruptcy I find that I get contacted a lot from consumers that waited to long and are very close to having there case dismissed because they say they were not aware that they needed the class.
Posted by: Janice Kinney | Feb 9, 2007 4:28:48 PM
Anyone looking for the second course can find a good one at www.personalfinanceeducation.com. It only cost $25 and they sent the certificate to my attorney immediately after I was finished.
Posted by: Hoopsfan84 | Feb 5, 2007 9:33:15 AM
When I started looking online to get my certificates I was surprised how expensive some courses were and how some sites weren't really clear which course they offered. I finally found a place for $25 (personalfinanceeducation.com), a bunch of others wanted twice that. And I don't really understand the point of having to do these certificates either.
Posted by: Hoopsfan84 | Feb 2, 2007 9:55:47 AM
